Dyson, the U.K. company known for its vacuum cleaners and hand dryers, is entering the highly competitive electric vehicle market, reports Financial Times.
Founder James Dyson said the company, aided by two decades of experience in electric battery technology, will commit $2.68 billion to the development of a new automobile business. The company will allocate approximately half of the investment to developing the battery and the other half to the design and manufacturing of a vehicle line.
“We know this is a competitive market,” Dyson said, predicting this new division will quickly outgrow the rest of the company.
Dyson said the company intends to announce where the vehicle will be manufactured in the coming months with early speculation pointing toward the U.K. or Asia.
Dyson’s entry into the automobile space comes as more well-established manufacturers face mounting challenges, including self-driving technology and the rise of ride sharing. However, Dyson believes its development of solid state batteries —which can hold higher power and charge in less time than conventional lithium ion batteries — will give it an edge over rival brands. (Source: Financial Times)
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